Solana, Worldcoin, Bittensor and other crypto projects are set to unlock tokens worth more than $400 million this week.
Murasaki unlocks over 33% of its circulating supply, ApeX over 19% and Metars Genesis nearly 12%.
Other notable crypto projects with token unlocks include Avalanche, Sei, Near Protocol, Dogecoin, Polkadot, Sui, and Filecoin.
Solana (SOL), Worldcoin (WLD) and Bittensor (TAO) lead among those crypto projects set to unlock millions of dollars worth of coins this week. Data from token unlock tracker Tokenomist.ai shows several projects are lined up to unlock over $400 million in cryptocurrencies.
Crypto token unlocks release coins that were previously out of circulation.Therefore, these events can contribute to selling pressure on exchanges and negatively impact prices once released as they increase the coin’s supply levels.
Traders need to keep an eye on the prices of Murasaki (MURA), ApeX (APEX) and Metars Genesis (MRS), as these three projects will unlock the largest percentage of their circulating supply.
🔶These projects are set to unlock large volume of crypto tokens
Solana unlocks 524,030 SOL tokens, worth $88.46 million; Worldcoin 37.23 million WLD tokens, worth $88.23 million; and Bittensor will release 504,000 TAO tokens worth $29.56 million.
Other key unlocks include 10 million MRS, 37.06 million Cardano (ADA), 12.86 million Ethena (ENA), 700,000 Avalanche (AVAX), 35.20 million SEI, 2.97 million Near Protocol (NEAR), 94.47 million Dogecoin (DOGE), 2.81 million Polkadot (DOT), and 2.24 million Filecoin (FIL).
🔸MURA, APEX, MRS unlock largest percentage of circulating supply
MURA, APEX and MRS unlock 33.27%, 19.39% and 11.87% of their circulating supply, respectively. Typically, when token unlock accounts for over 1% of the crypto’s circulating supply, it is likely to negatively impact price.
Therefore, Traders need to watch these three assets for higher volatility this week.
While an increase in a cryptocurrency’s circulating supply is typically bearish, planned unlock schedules may have less of an impact since the community of traders anticipates the unlock and likely positions themselves accordingly.
